Elk Grove's industrial vacancy rate drops to all-time low
Elk Grove Village's vacancy rate for industrial properties has reached an all-time low, village officials said.
The industrial vacancy rate dipped to 2.36% at the end of 2021, according to a report issued this month by Colliers, a commercial real estate brokerage firm.
During the 2009 recession, the rate reached 12%. It then fell steadily as the economy recovered but rose to 4.3% in 2019 with the addition of 1.2 million square feet at the Elk Grove Technology Park. The rate fell again as space at the new park -- site of the former Busse farm -- was leased by data center operators and other companies, officials said.
Mayor Craig Johnson said the presence of more than 5,600 businesses in town -- and the tax base they represent -- is good news for residents because it means the village can keep taxes and fees reasonable.